Articles
California’s Wealth Tax Boomerang
[Subscription Required] The history of wealth taxes is that they raise much less revenue than hoped as targeted taxpayers find ways to avoid them. That looks to be the case with California’s wealth tax ballot measure (Proposition 40), which a new paper by the Hoover Institution’s Joshua Rauh and Benjamin Jaros estimates will result in a net revenue loss of $38.9 billion.
October 21, 2026

